Why banks need to race ahead in cloud adoption - Finaclenehapaul23
In the race to digital transformation. cloud has been a critical enabler. In the early years, the conversation around cloud in the banking community centered on reducing costs and increasing storage and computational capabilities. The concerns around the security, compliance, or skilling, which while valid, slowed banks down and distracted them from the urgency of adoption.
Click here:
Cloud computing in banking is an excellent option for migration with enhanced security and high scalability. Hence, deploy financial operations seamlessly through cloud.
like 1
Virtualization infrastructure in financial services rully feranataRully Feranata
Over many years, the IT function in financial institutions has evolved from a mere transactional tool into
a pervasive, integral element of virtually every aspect of doing business. This transformation has
constituted a fundamental, structural change in the financial services arena and has put IT performance
at the top of the CEO’s agenda at most banks and insurance companies.
Cloud Adoption in Capital Markets: A PerspectiveCognizant
For the financial services industry, the adoption of cloud services has become a viable business directive. As firms work to recoup their losses from the recent financial crisis, pay-as-you-go cloud services allow them to focus more on strategic, innovative and revenue-generating endeavors and less on managing routine IT activities and the supporting infrastructure.
Cloud technology is no longer a new player in the market,
but it’s a mature and integral part of the IT landscape and a
key parameter in driving business growth. It is an
indispensable topic among CXOs. A research by Fraedon has
found that almost half of the banks find their legacy
systems to be the biggest hindrance in their growth.
The ultimate banking and financial sector with cloud computing machine ! Sai Natkar
Banking and financial sector basically operate over the vast IT infrastructures that deal with Big amount of data on a day-to-day basis.Banking organizations and the financial sector as a whole has been relatively slow in adopting the cloud. Their strategy has been to wait and watch on how the cloud performs both from a security as well as robustness of infrastructure point of view.
Why banks need to race ahead in cloud adoption - Finaclenehapaul23
In the race to digital transformation. cloud has been a critical enabler. In the early years, the conversation around cloud in the banking community centered on reducing costs and increasing storage and computational capabilities. The concerns around the security, compliance, or skilling, which while valid, slowed banks down and distracted them from the urgency of adoption.
Click here:
Cloud computing in banking is an excellent option for migration with enhanced security and high scalability. Hence, deploy financial operations seamlessly through cloud.
like 1
Virtualization infrastructure in financial services rully feranataRully Feranata
Over many years, the IT function in financial institutions has evolved from a mere transactional tool into
a pervasive, integral element of virtually every aspect of doing business. This transformation has
constituted a fundamental, structural change in the financial services arena and has put IT performance
at the top of the CEO’s agenda at most banks and insurance companies.
Cloud Adoption in Capital Markets: A PerspectiveCognizant
For the financial services industry, the adoption of cloud services has become a viable business directive. As firms work to recoup their losses from the recent financial crisis, pay-as-you-go cloud services allow them to focus more on strategic, innovative and revenue-generating endeavors and less on managing routine IT activities and the supporting infrastructure.
Cloud technology is no longer a new player in the market,
but it’s a mature and integral part of the IT landscape and a
key parameter in driving business growth. It is an
indispensable topic among CXOs. A research by Fraedon has
found that almost half of the banks find their legacy
systems to be the biggest hindrance in their growth.
The ultimate banking and financial sector with cloud computing machine ! Sai Natkar
Banking and financial sector basically operate over the vast IT infrastructures that deal with Big amount of data on a day-to-day basis.Banking organizations and the financial sector as a whole has been relatively slow in adopting the cloud. Their strategy has been to wait and watch on how the cloud performs both from a security as well as robustness of infrastructure point of view.
To prosper in this new environment insurance companies can look to the cloud, in conjunction with other technologies, to help drive reinvention of their business model to offer new services and create direct, multi-channel relationships with customers
Streamline your digital transformation for a future ready venture.LCDF
Streamline your digital transformation for a future ready venture. How the Pandemic How the pandemic impacted DACH Industries the unexpected catalyst for digital Transformation ?
A model demonstrating why SaaS is the best option for banks when accessing technology. Credit Risk systems are key interface points for bankers and an ideal case study. Banks have long ago realised owning property is not a good use of capital, and the logic is more compelling for a fast depreciating asset like software.
CIO's implanting digital transformation strategies are facing increasing challenges on how to migrate security integrated hybrid technologies. Find out here the future of Future Networks today
Is DevOps Beneficial to Banking and Finance.docx.pdfMaveric Systems
Compared to other economic sectors, the financial industry has historically been at the cutting edge of innovation and technological development. Customers in today’s highly connected and digitalized society want to be able to access and manage their money wherever they happen to be, whenever they want, with the help of straightforward mobile applications, all while keeping sensitive information like their credit card details safe.
Top 5 core banking software companies in 2022Maveric Systems
Then, there are threats posed by big tech players eyeing lucrative niches in the value chain. Post-pandemic customer is more digital, and less loyal. Also, today’s banking regulations are equally about innovation (PSD2 for instance) as they are about reporting and compliance. That being the landscape for core banking software, what are the incumbent banks to do?
Five Priorities for Quality Engineering When Taking Banking to the CloudCognizant
As banks move to cloud-based banking platforms for lower costs and greater agility, they must seamlessly integrate technologies and workflows while ensuring security, performance and an enhanced user experience. Here are five ways cloud-focused quality assurance helps banks maximize the benefits.
Cloud allows banks to serve customers in new ways and re-imagine their business models. It can help surface valuable insights from their data and transform how they make decisions. It enables them to tap expertise from across their entire ecosystem. Read the whitepaper to find out more.
Find More About Temenos T24 The Future In Banking.pdfMaveric Systems
The core banking services that the bank provides include accepting deposits and issuing loans,
controlling monetary transactions, saving account and account holder information, utilizing a
database to connect all accounts and account holders, maintaining its own fixed and variable
accounts costs and routine maintenance, such as opening and closing accounts, calculating
interest, etc.
Future of Core Banking Systems-M2P FintechM2P Fintech
To keep pace with the changing customer expectations and the competitive landscape, banks need to modernize their core banking platform. Only then can they scale technology innovation, upgrade processes, and re-engineer their workforce to deliver mobile-first, personalized customer experiences while reducing cost and complexities.
https://m2pfintech.com/turing-core-banking/
A cloud revolution is brewing, and it promises to radically transform the way we compete, collaborate, and consume business services. Indeed, in an economy as volatile and hypercompetitive as today’s, the cloud’s potent mix of simplicity, security, faster innovation, and lower operating costs is proving increasingly attractive. For many businesses—small, medium, and large—the time to adopt this game-changing approach is now.
The Cloud Computing model is replacing the traditional IT model for many organizations that have not been able to keep up with the tremendous rate at which technology is changing, the challenges of disparate IT systems inherited through acquisitions and mergers, and decreasing internal resources available for IT commitment.
Cloud Computing models range from public cloud services that bill companies for access to IT infrastructure; the private cloud provider that hosts resources for the sole use of its own organization; dedicated external hosting to non-shared resources; and hybrid hosting, a mixed solution of cloud computing and dedicated hosting.
Schneider Electric consulting experts use their Cloud Assessment Checklist to help potential clients identify the computer services needs that best meet their IT challenges. It is not uncommon to find that an organization would optimize operation with a hybrid hosting solution in which a secure, single-tenant database would be stored with a dedicated host and the front-end would be hosted in the public cloud. Similarly, cloud bursting functionality enables the organization to automatically deploy new applications within the public cloud as needed. Such hybrid hosting models allow scaling capability to accommodate an increase in the number of users in the organization and meet peak traffic demand.
Careful examination of business and security characteristics can determine the proper cloud and hosting model that meets the needs of any particular enterprise and, as a result, help increase the organization’s IT capabilities and productivity while adding value to the business.
NEC Backup as a Service reduces administrative tasks, helping it departments...InteractiveNEC
Cloud solutions continue to grow not only in adoption but also in importance in customer IT strategies. In typical risk-averse practices, cloud solutions were initially used near the fringes of IT environments, delivering test and development functions far outside most of the core mission-critical workloads sustaining internal and external business operations. Likewise, customers in regulated industries such as healthcare or government were initially wary of the security and performance of services delivered from third-party data centers. These dynamics are changing rapidly, however, as both the customer and vendor behavior around cloud have matured considerably. Cloud providers have expanded their data center locations, added almost every flavor of regulatory compliance, and enhanced security capabilities. These developments have dramatically lowered the traditional barriers to cloud adoption, allowing customers in almost any industry to have at least the possibility of deploying most of their workloads through cloud delivery methods.
Four Areas Of Focus For Corporate Banking’s Digital Innovation.pptxMaveric Systems
Corporate banks can establish a successful digital strategy by following digital business rules: digital experience, operations, innovation, and ecosystems. Enterprise clients want improved service and innovation. Corporate banks that value real-time analytics and innovation over cost are digital leaders. These banks have insights-driven CFOs.
How Are Data Analytics Used In The Banking And Finance Industries.pdfMaveric Systems
amplify business success. Today, banks want more than incremental gains. They want datadriven revenue breakthroughs. Banks increasingly rely on data. It’s the future of communication
To prosper in this new environment insurance companies can look to the cloud, in conjunction with other technologies, to help drive reinvention of their business model to offer new services and create direct, multi-channel relationships with customers
Streamline your digital transformation for a future ready venture.LCDF
Streamline your digital transformation for a future ready venture. How the Pandemic How the pandemic impacted DACH Industries the unexpected catalyst for digital Transformation ?
A model demonstrating why SaaS is the best option for banks when accessing technology. Credit Risk systems are key interface points for bankers and an ideal case study. Banks have long ago realised owning property is not a good use of capital, and the logic is more compelling for a fast depreciating asset like software.
CIO's implanting digital transformation strategies are facing increasing challenges on how to migrate security integrated hybrid technologies. Find out here the future of Future Networks today
Is DevOps Beneficial to Banking and Finance.docx.pdfMaveric Systems
Compared to other economic sectors, the financial industry has historically been at the cutting edge of innovation and technological development. Customers in today’s highly connected and digitalized society want to be able to access and manage their money wherever they happen to be, whenever they want, with the help of straightforward mobile applications, all while keeping sensitive information like their credit card details safe.
Top 5 core banking software companies in 2022Maveric Systems
Then, there are threats posed by big tech players eyeing lucrative niches in the value chain. Post-pandemic customer is more digital, and less loyal. Also, today’s banking regulations are equally about innovation (PSD2 for instance) as they are about reporting and compliance. That being the landscape for core banking software, what are the incumbent banks to do?
Five Priorities for Quality Engineering When Taking Banking to the CloudCognizant
As banks move to cloud-based banking platforms for lower costs and greater agility, they must seamlessly integrate technologies and workflows while ensuring security, performance and an enhanced user experience. Here are five ways cloud-focused quality assurance helps banks maximize the benefits.
Cloud allows banks to serve customers in new ways and re-imagine their business models. It can help surface valuable insights from their data and transform how they make decisions. It enables them to tap expertise from across their entire ecosystem. Read the whitepaper to find out more.
Find More About Temenos T24 The Future In Banking.pdfMaveric Systems
The core banking services that the bank provides include accepting deposits and issuing loans,
controlling monetary transactions, saving account and account holder information, utilizing a
database to connect all accounts and account holders, maintaining its own fixed and variable
accounts costs and routine maintenance, such as opening and closing accounts, calculating
interest, etc.
Future of Core Banking Systems-M2P FintechM2P Fintech
To keep pace with the changing customer expectations and the competitive landscape, banks need to modernize their core banking platform. Only then can they scale technology innovation, upgrade processes, and re-engineer their workforce to deliver mobile-first, personalized customer experiences while reducing cost and complexities.
https://m2pfintech.com/turing-core-banking/
A cloud revolution is brewing, and it promises to radically transform the way we compete, collaborate, and consume business services. Indeed, in an economy as volatile and hypercompetitive as today’s, the cloud’s potent mix of simplicity, security, faster innovation, and lower operating costs is proving increasingly attractive. For many businesses—small, medium, and large—the time to adopt this game-changing approach is now.
The Cloud Computing model is replacing the traditional IT model for many organizations that have not been able to keep up with the tremendous rate at which technology is changing, the challenges of disparate IT systems inherited through acquisitions and mergers, and decreasing internal resources available for IT commitment.
Cloud Computing models range from public cloud services that bill companies for access to IT infrastructure; the private cloud provider that hosts resources for the sole use of its own organization; dedicated external hosting to non-shared resources; and hybrid hosting, a mixed solution of cloud computing and dedicated hosting.
Schneider Electric consulting experts use their Cloud Assessment Checklist to help potential clients identify the computer services needs that best meet their IT challenges. It is not uncommon to find that an organization would optimize operation with a hybrid hosting solution in which a secure, single-tenant database would be stored with a dedicated host and the front-end would be hosted in the public cloud. Similarly, cloud bursting functionality enables the organization to automatically deploy new applications within the public cloud as needed. Such hybrid hosting models allow scaling capability to accommodate an increase in the number of users in the organization and meet peak traffic demand.
Careful examination of business and security characteristics can determine the proper cloud and hosting model that meets the needs of any particular enterprise and, as a result, help increase the organization’s IT capabilities and productivity while adding value to the business.
NEC Backup as a Service reduces administrative tasks, helping it departments...InteractiveNEC
Cloud solutions continue to grow not only in adoption but also in importance in customer IT strategies. In typical risk-averse practices, cloud solutions were initially used near the fringes of IT environments, delivering test and development functions far outside most of the core mission-critical workloads sustaining internal and external business operations. Likewise, customers in regulated industries such as healthcare or government were initially wary of the security and performance of services delivered from third-party data centers. These dynamics are changing rapidly, however, as both the customer and vendor behavior around cloud have matured considerably. Cloud providers have expanded their data center locations, added almost every flavor of regulatory compliance, and enhanced security capabilities. These developments have dramatically lowered the traditional barriers to cloud adoption, allowing customers in almost any industry to have at least the possibility of deploying most of their workloads through cloud delivery methods.
Four Areas Of Focus For Corporate Banking’s Digital Innovation.pptxMaveric Systems
Corporate banks can establish a successful digital strategy by following digital business rules: digital experience, operations, innovation, and ecosystems. Enterprise clients want improved service and innovation. Corporate banks that value real-time analytics and innovation over cost are digital leaders. These banks have insights-driven CFOs.
How Are Data Analytics Used In The Banking And Finance Industries.pdfMaveric Systems
amplify business success. Today, banks want more than incremental gains. They want datadriven revenue breakthroughs. Banks increasingly rely on data. It’s the future of communication
Why Is Quality Assurance So Important in Banking Systems.pptxMaveric Systems
As competitive rivalry increases, banks are developing online platforms that meet consumer aspirations for efficiency, convenience, and overall engagement. Digitization increases banking client experience,
The Impact of Technology on Corporate Banking.pptxMaveric Systems
Corporate clients account for 56 percent of banks’ annual global revenue, or approximately $1.85 trillion. Banks that have begun digital transformations have seen favorable results, including 10 percent revenue growth in digitized products and 20 percent cost reductions in various corporate banking value chain segments
Methods Of DevOps Methodology In The Banking Industry.pdfMaveric Systems
Financial services, together with companies in the computer industry, may be ranked among the leaders
in DevOps practice maturity. When it comes to accelerating innovation and implementing cutting-edge
software delivery techniques like agile, continuous delivery (CD), and DevOps, FIs are at the forefront of
change. Several requirements for the financial sector are
Core Banking – Definition, Characteristics, and Benefits (1).pdfMaveric Systems
A back-end system that conducts daily banking transactions and posts updates to accounts and
other financial data is a core banking system. Core banking systems frequently have
connections to general ledger systems and reporting tools, as well as the ability to process
deposits, loans, and credit.
An Introduction to High-Grade Engineering Services.pptxMaveric Systems
Today technology is continuously tested throughout the course of the development process.
From a collection of system development techniques, products and services are tailored to the consumer’s needs.
It becomes crucial to understand that quality engineering is a discipline to unite developers and testers.
What Makes Quality Assurance Fundamental for Banking Frameworks.pdfMaveric Systems
Today technology is continuously tested throughout the course of the development process. From a collection of system development techniques, products and services are tailored to the consumer’s needs. It becomes crucial to understand that quality engineering is a discipline to unite developers and testers.
Temenos is the industry’s top supplier of banking software systems to community and retail banks as well as corporate, universal, private, and Islamic banks. A popular core banking system offers institutions in over 120 countries, ranging from local community banks to large retail banks with over 15 million accounts, a technologically cutting-edge, SOA-based front-to-back platform.
Digital Transformation is Changing Wealth Management – How.pptxMaveric Systems
While the wealth management sector has been sluggish to embrace digital transformation in large part because of the nature of the work they undertake, there is a significant change
Data Visualization in Banking is essential for the Finance Sector.pdfMaveric Systems
Given the slew of new technologies and methodologies, enterprises must create a data
visualization focused information strategy before embracing more visual reporting processes.
The gains of progressing on a centralized data visualization strategy can be
Felt organization-wide.
How is Information Quality Engineering Changing in 2022.pptxMaveric Systems
As leading FIs reimagine how data quality engineering can be a game-changer, essential insights for innovations surface. Achieving business impact with data is far more than a buzzword.
Retail banking digital transformation – Choosing a digital platform (2).pdfMaveric Systems
Given the spirited forays of BigTechs and Fintechs, Retail banking institutions should discard older playbooks. The incumbents will do well to operate more like the Tech companies – advance
their data capabilities, employ next-gen tech stack and embrace agile operating models.
Optimizing the Temenos Transact (T24) Core Banking system to Maximize Perform...Maveric Systems
As the competition mounts, the expectations from core banking systems to enable new products and value propositions only increase. Incumbent banks stretch their core systems to deliver stiff banking operations and perform in tighter innovation cycles.
Regulatory Compliance Key Challenges and Effective Solutions.pdfMaveric Systems
In recent years, risk and compliance functions are assuming an integrated approach. More business functions are taking charge of their individual regulatory compliance needs.
Optimizing the Temenos Transact (T24) Core Banking system to Maximize Perform...Maveric Systems
A significant benefit of T24 is customers’ assurance that regulatory compliance and critical market changes will automatically apply across their Temenos solutions.
Automation of Regulatory reporting in the Banking and securities in 2022.pptxMaveric Systems
In sum, before other vital Enterprise pieces of Regulatory risk and compliance reporting can be worked upon (say, an integrated corporate reporting system), a few questions to gauge the internal demand for RegTech must be spelled out.
4 Key Challenges of Integrating Banking with Temenos T24.pdfMaveric Systems
Business owners who fail to take advantage of available automatic, actionable insights risk losing out. After all, locating new sources of revenue, increasing profit margins, and streamlining operational costs are crucial to today’s economic climate.
Why does the banking industry need to invest in digital or technology.pdfMaveric Systems
The emergent technologies are ushering in a dramatic rise in the demand for digital financial services. We are seeing many new, more efficient financial solutions, such as online deposits, mobile wallets, electronic bill payments, etc.
Choosing the Right Digital Transformation Company.pdfMaveric Systems
After all, meaningful and long-lasting digital transformation requires businesses to prioritize product and process changes over technology investments. However, many companies have difficulty seeing past the immediate benefits of new technologies.
Levelwise PageRank with Loop-Based Dead End Handling Strategy : SHORT REPORT ...Subhajit Sahu
Abstract — Levelwise PageRank is an alternative method of PageRank computation which decomposes the input graph into a directed acyclic block-graph of strongly connected components, and processes them in topological order, one level at a time. This enables calculation for ranks in a distributed fashion without per-iteration communication, unlike the standard method where all vertices are processed in each iteration. It however comes with a precondition of the absence of dead ends in the input graph. Here, the native non-distributed performance of Levelwise PageRank was compared against Monolithic PageRank on a CPU as well as a GPU. To ensure a fair comparison, Monolithic PageRank was also performed on a graph where vertices were split by components. Results indicate that Levelwise PageRank is about as fast as Monolithic PageRank on the CPU, but quite a bit slower on the GPU. Slowdown on the GPU is likely caused by a large submission of small workloads, and expected to be non-issue when the computation is performed on massive graphs.
Adjusting primitives for graph : SHORT REPORT / NOTESSubhajit Sahu
Graph algorithms, like PageRank Compressed Sparse Row (CSR) is an adjacency-list based graph representation that is
Multiply with different modes (map)
1. Performance of sequential execution based vs OpenMP based vector multiply.
2. Comparing various launch configs for CUDA based vector multiply.
Sum with different storage types (reduce)
1. Performance of vector element sum using float vs bfloat16 as the storage type.
Sum with different modes (reduce)
1. Performance of sequential execution based vs OpenMP based vector element sum.
2. Performance of memcpy vs in-place based CUDA based vector element sum.
3. Comparing various launch configs for CUDA based vector element sum (memcpy).
4. Comparing various launch configs for CUDA based vector element sum (in-place).
Sum with in-place strategies of CUDA mode (reduce)
1. Comparing various launch configs for CUDA based vector element sum (in-place).
Data Centers - Striving Within A Narrow Range - Research Report - MCG - May 2...pchutichetpong
M Capital Group (“MCG”) expects to see demand and the changing evolution of supply, facilitated through institutional investment rotation out of offices and into work from home (“WFH”), while the ever-expanding need for data storage as global internet usage expands, with experts predicting 5.3 billion users by 2023. These market factors will be underpinned by technological changes, such as progressing cloud services and edge sites, allowing the industry to see strong expected annual growth of 13% over the next 4 years.
Whilst competitive headwinds remain, represented through the recent second bankruptcy filing of Sungard, which blames “COVID-19 and other macroeconomic trends including delayed customer spending decisions, insourcing and reductions in IT spending, energy inflation and reduction in demand for certain services”, the industry has seen key adjustments, where MCG believes that engineering cost management and technological innovation will be paramount to success.
MCG reports that the more favorable market conditions expected over the next few years, helped by the winding down of pandemic restrictions and a hybrid working environment will be driving market momentum forward. The continuous injection of capital by alternative investment firms, as well as the growing infrastructural investment from cloud service providers and social media companies, whose revenues are expected to grow over 3.6x larger by value in 2026, will likely help propel center provision and innovation. These factors paint a promising picture for the industry players that offset rising input costs and adapt to new technologies.
According to M Capital Group: “Specifically, the long-term cost-saving opportunities available from the rise of remote managing will likely aid value growth for the industry. Through margin optimization and further availability of capital for reinvestment, strong players will maintain their competitive foothold, while weaker players exit the market to balance supply and demand.”
1. Core Banking on Cloud
Over the years, the cloud has emerged as a mainstream technology for the banking sector.
Despite its uptake, banks have taken a measured approach to cloud adoption. Citing security
and regulatory concerns, most banks are in the early stages of cloud maturity.
The COVID-19 pandemic created a new urgency for cloud solutions. With continued banking
disruption, the traditional core architecture is no longer enough to deliver new products and
services at the required pace. Most banks are aware of the importance of core banking systems
but have no defined strategy.
The question that most bank leaders have to address is can next-gen cloud-based core banking
systems replace traditional core banking systems?
2. Banking innovation roadblocks
Legacy technology is a major stumbling block for banking innovation. The monoliths are
cumbersome and running on obsolete technology with little to no updates. Legacy systems
form the core of banking operations and have stood their ground through the technological
storm. But these systems weren’t designed for the fast-moving digital age.
The rigid organizational structure and siloed nature of working is also a barrier to innovation in
banking. While we see a rise in cloud adoption, the shift means more than just migrating the IT
assets. The complete adoption of cloud calls for an agile, forward-thinking mindset. The culture
of innovation requires a change in attitude and adopting a customer-centric approach. Banks
are typically risk-averse, especially when it comes to core replacement. The process is
expensive, time-consuming, and even a tiny misstep could lead to service disruption and attract
regulatory scrutiny.
Adopting innovation accelerants
Next-gen cloud-based core banking systems address evolving needs of the banking market.
According to Mckinsey, the technology could significantly reduce time to deliver new
functionality such as address change from a mobile application or peer-to-peer payments. Cost
reduction, scalability, and efficiency are driving the cloud market.
Operating in the cloud offers banks the key differentiating factor in a competitive landscape.
Some of the key benefits include:
• Reduce time to market new products – Cloud environment provides agile and DevOps
environments that support the rapid development of products, services, or feature
enhancements being brought to the market fast.
• Agility to innovate – Capitalize on market opportunities by leveraging emerging technologies
such as artificial intelligence, machine learning, blockchain, etc.
3. • Reduce overall operating costs – Banks can reduce their overheads by not owning every IT-
related asset. Rather these can be purchased as services from various cloud providers and
eliminate the need for on-premise servers.
• Enterprise synchronization – Cloud core banking unifies banking functions, standardize
applications and processes. The synchronized systems allow for easy alignment of technology
and business operations. Several service providers help banks bring together their operations
and functions with an integrated platform. For instance, Temenos has been the number one
core banking solution in the world, supporting more than 3000+ customers. They are providing
cloud based platforms with cloud-native microservices architecture approach and tools. The
integrated platform-led core banking solution is cloud-agnostic, API-led, and artificial
intelligence-enabled. Temenos cloud based solutions are highly secured and compliant,
designed with robust practices, policies and procedures for assuring comprehensive customer
protection.
The conventional thinking for moving Core banking on cloud
While legacy core banking systems are known to be non-agile, rigid, scale-constrained, and
working in siloes. Most banks still rely on it due to challenges and conventional thinking in
adopting cloud-led core banking such as:
• Moving too fast – The banking application landscape is one of the most complex software.
Thus, upgrading legacy systems is difficult and expensive. Moving to the cloud too fast also
slows down the pace of IT modernization.
• Complete reliance on the cloud – Traditional banks are still hesitant to abandon a functioning
system and rely heavily on the cloud. With stringent regulatory and compliance norms, the
interaction and dependency on third-party is cause for data security concerns. Moreover,
handing over control of critical business applications to a third-party service provider is a risk
that most banks do not wish to take.
4. • Evolving relationship between data, regulation, and innovation – Over the years, the
regulations have increased focus around consumer data safety. From GDPR to open banking
regulations, banks’ overheads have increased due to changing regulations and restricted their
ability to innovate. Balancing regulations and innovation is an uphill task. But banks can work
with regulators and cloud providers to provide a transparent process that would placate the
involved parties.
The COVID-19 pandemic highlighted the need for more user-centric digital solutions for
employees and consumers. As the world came to a halt, cloud-based services were the need of
the hour for businesses to sustain themselves. With cloud-led core banking systems banks can
accelerate and scale their next technology transformation, future-proof the foundation against
further crises.
While core banking system is not a priority for most banks, this is the right time for banks to
shift from a reactive phase to a proactive phase. Temenos cloud based core banking solution is
the right choice for banks to #AccelerateNext. Maveric as a certified Temenos partner, offers
end-to-end analysis, implementation, upgrade and support services. With our proven product
mastery, our solution specialists guide banks to extract maximum value from their Temenos
investments. Get your bank future ready with cloud based core banking solutions.
Original Source: https://maveric-systems.com/blog/core-banking-on-cloud/